Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the effectiveness of UK financial oversight arrangements in the context of the rapid adoption of AI tools by banks and insurers; and what are the implications for consumer protection and financial stability.

The Government’s ambition is to make the UK a global leader in AI, leveraging our dual strength in financial services and AI to drive growth, productivity, and consumer benefits. Encouraging safe adoption is an essential part of realising that ambition.

HM Treasury works closely with the UK financial regulators to monitor evolving risks from new technologies, and ensure that the opportunities AI presents can be realised in a safe and responsible way.